Fannie, Freddie Offer Relief After Hurricane Delta

In the wake of Hurricane Delta, Fannie Mae and Freddie Mac are reminding homeowners of the mortgage assistance and disaster relief options available to them. Relief options include: Homeowners may request mortgage assistance by contacting their mortgage servicer following a disasterMortgage servicers are authorized to suspend or reduce a homeowner’s mortgage payments for up to 90 days – even without establishing contact – if the servicer believes the homeowner was affected by the disasterHomeowners affected by a disaster are often eligible to reduce or suspend their mortgage payments for up to 12 monthsDuring this temporary payment break:Homeowners will not incur late feesForeclosure and other legal proceedings are suspended “Hurricane Delta will mark the fifth hurricane to hit the U.S. so…

Report: Anthony Casa Leaves AIME

Three months after igniting a scandal by sending lewd and misogynistic messages about a rival, Anthony Casa is officially stepping down from his role at the Association of Independent Mortgage Experts, HousingWire reported Thursday. Casa took a leave of absence from AIME after he falsely accused the wife of a Quicken executive of having sexual relations with United Wholesale Mortgage CEO Mat Ishbia. He is starting his own brokerage in Philadelphia, according to a statement he provided to HousingWire, which makes no mention of the scandal that drove him out of AIME. “After much consideration and heart-to-heart conversations with family and friends, I have decided to officially hand the reigns over to the extremely capable hands of Katie Sweeney and…

Wells Fargo CEO Apologizes For Diversity Comments

Wells Fargo CEO Charlie Scharf apologized for telling employees that the banking giant was failing to meet diversity goals because there were not enough qualified minorities in the industry. “While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of black talent to recruit from,” Scharf said in a memo in June, Reuters reported. After significant blowback, including from members of Congress, Wells Fargo publicly released a follow-up message Scharf sent to employees Wednesday. “Some of you may have seen media stories referencing a comment on diverse talent from my June “Our commitment to change” memo,” Scharf wrote. “I apologize for making an insensitive comment reflecting my own unconscious bias. There are many…

Rocket Doubles Down On Broker Market

Quicken Loans Mortgage Services is taking a bigger step into the broker pool – with new offerings and a new name. Quicken Loans Mortgage Services – which serves brokers, community banks and credit unions – will be rebranded as Rocket Pro TPO by late November. As part of the rebrand, the lender is creating a broker-branded origination hub to streamline the loan process. “Through the thousands of conversations we have had with our partners, we know brokers want cutting edge technology, marketing support and more referrals. QLMS is now aligning with the Rocket brand – the most recognizable mortgage brand in the country – and giving partners the ability to use it in their marketing to assist more Americans,” said Austin…

Fannie, Freddie Offer Mortgage Disaster Relief

Fannie Mae and Freddie Mac announced Wednesday that temporary assistance is available to homeowners impacted by a natural disaster, including the wildfires on the West Coast and the Hurricane Sally in the Gulf region. Fannie and Freddie urged homeowners impacted by the disasters to contact their mortgage servicers after the disaster to determine what assistance they may be entitled to. Assistance includes suspending or reducing payments for up to 90 days, suspending foreclosures, and forbearance on mortgage payments for up to a year. “The priority is for homeowners to get themselves and their loved ones safely out of harm’s way,” said Bill Maguire, Freddie Mac’s Vice President of Single-Family Servicing Portfolio Management. “Once out of harm’s way, homeowners whose homes…

IMB Mortgage Production Profits Jump In Q2

It was a big quarter for independent mortgage banks and mortgage subsidiaries of chartered banks. IMBs and subsidiaries reported a net gain of $4,548 on each loan they originated in the second quarter – up from a $1,600 per loan in the first quarter of the year, according to a report released by the Mortgage Bankers Association. “Fueled by a surge in borrower demand and record-low mortgage rates, mortgage production profits in the second quarter reached the highest level since the inception of MBA’s report in 2008,” said Marina Walsh, MBA’s Vice President of Industry Analysis. “Production volume averaged over $1 billion per company, and there was an ideal combination of higher revenues and lower costs.” The report also found:…

State Cites United Shore For Covid Violations

Michigan state workplace safety officials on Friday issued a citation to United Shore Financial Services – where at least 84 employees have been diagnosed with COVID-19 – for “failing to implement necessary precautions to protect employees” during the pandemic. Pontiac-based United Shore, a major player in the mortgage industry, was fined $6,300 by the Michigan Occupational Safety and Health Administration (MIOSHA). United Shore was one of six companies cited by the state on Friday. “The MIOSHA investigations determined that these six employers were clearly not taking the appropriate steps to protect employees and their communities from the spread of COVID-19,” MIOSHA Director Bart Pickelman said. “These citations are meant to reiterate the employer’s duty. Precautions are necessary to establish and…

United Shore Employee: “Our Building Is Not Safe”

The number of United Shore employees who have tested positive for COVID-19 climbed to 84, according to the Oakland County Health Department – but CEO Mat Ishbia told the Detroit Free Press that the virus is “not being spread around here.” United Shore, a Pontiac, Michigan-based mortgage firm, was slapped with a county health order earlier this month after 53 employees tested positive for COVID-19. Since then, another 31 employees have tested positive, the Free Press reported Saturday. The first case at United Shore was recorded June 29 – and the company is believed to have the most cases of any Oakland County business, a county official told the Free Press. But Ishbia claims it has nothing to do with the…

Rocket Companies Stock Up 19.5% On Opening Day

On its opening day of trading, Rocket Companies’ stock was up 19.5 percent Thursday – from $18 to $21.51 at the closing bell. Detroit-based Rocket Companies is trading under the ticker symbol RKT on the New York Stock Exchange. It climbed to $23.25 in after-hours trading. “Rocket Companies has a proven record of innovation that drives industry disruption and delivers an unmatched customer experience, and we’re excited to continue that legacy now as a public company,” CEO Jay Farner said.  “We see tremendous runway to drive long-term profitable growth by increasing market share in the massive and fragmented mortgage industry and leveraging our technology platform to unlock opportunities in our ecosystem. We invest for the long-term and place enormous value on supporting…

Employees Slam United Shore’s COVID Response

When the Oakland County health department sent an emergency order to United Shore and United Wholesale Mortgage CEO Mat Ishbia about safety protocols during the pandemic, they cited “numerous complaints” about the company’s practices and more than 50 positive tests. Those complaints are reflected on the company’s Glassdoor reviews, with numerous current and former employees alleging that company leadership forces employees to work in the office too close to others and doesn’t take health concerns seriously. “I’m disappointed in the way that United Shore has handled themselves with Covid19. They were late to the party by sending their employees to work from home, then forced them back at the beginning of July. It doesn’t surprise me to hear that there…